Business
Half Year Trading Update and Notice of Results
Half Year Trading Update and Notice of Results.
About this update from Oxford Biomedica Plc
[{"type":"text","content":"\n\n \nHalf Year Trading Update and Notice of Interim Results\n- Full year 2024 revenue and medium-term financial guidance reiterated; underpinned by OXB's growing market share in the expanding cell and gene therapy market\n \n- Contracted value of client orders in the first seven months of the year reflective of strong demand for CDMO services at approximately £80 million\n \n- Revenue backlog stood at approximately £113 million at 31 July 2024; high level of GMP suite reservation for 2025 gives increased visibility and underpins confidence in forecasts\n \n- With increasing demand for services, OXB to invest in talent to support future growth, therefore low double-digit Operating EBITDA loss expected in 2024; 2025 EBITDA profitability outlook maintained due to continued cost discipline and a measured approach to operational spend\n \nOxford, UK - 8 August 2024: Oxford Biomedica plc (LSE:OXB) (\"Oxford Biomedica\", \"OXB\" or \"the Company\"), a quality and innovation-led cell and gene therapy CDMO, today provides a trading update for the first half of 2024.\n \nAdditionally, the Company announces that it will report its Interim Results for the six months ended 30 June 2024 on Monday 23 September 2024.\n \nStrong trading for H1 2024 and reconfirmed financial guidance\nOXB has continued to see strong momentum in 2024 with revenues for the first half expected to be approximately £50 million. As previously communicated, revenues are expected to be second-half weighted, with contracted client orders providing a high degree of visibility. The Company reiterates revenue guidance for the full year within the £126 million to £134 million range.\n \nThe first half of 2024 is expected to result in a negative Operating EBITDA with a positive Operating EBITDA expected in the second half, due to the effectiveness of the Company's strategic initiatives, including streamlining of operations and expected strong revenue growth in the second half. With an increase in late-stage client activity expected in 2025, OXB will invest in building its technical and operational workforce to support this demand.\n \nWith this investment in talent to support revenue growth, the Company expects a low double-di...